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The Earned Income Tax Credit (EITC) provides a cash sub sidy for every $1 earned by individuals with one child who have incomes below $39,296 per year.
a. How might the EITC raise an individual’s overall work effort? How might the EITC lower an individual’s work effort?
b. Why does the EITC exacerbate the marriage penalty for low-in-come workers? Suggest an alternative method of calculating the EITC that reduces this penalty.
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
The following are hypothetical data for the U.S. balance of payments. Use the data to calculate each of the following:
The profit in dollars from the sale of x expensive watches is Px=0.03x2?3x+2x0.3?5000. Find the marginal profit when (a) x=300, (b) x=2000, (c) x=5000, and (d) x=10,000.
The impact of labor migration on patterns of international trade depends on the characteristics of the labor migrants. In which cases might migration expand trade? World income? In which cases might it reduce trade and world income?
The firms cost functions are given by the following functional form: C(qi)=ciqi, where i=1,2. Under this functional form, the firms marginal cost equals its average cost. Discuss each firm’s best-response function when the firms compete by choosing p..
Identify a recent development (since 2000) of a complex system (commercial or military) of which you have some knowledge. Describe the need it was developed to fill and the principal ways in which it is superior to its predecessor(s). Briefly describ..
1.name 5 stylized facts about the business cycle.2. rank order these three ideas from most optimistic about how a
Suppose that you are in a committee meeting of the United Nations
Lauren's salary decreases from $34,000 to $30,000. She decides to reduce the number of outfits she purchases each year from 20 to 19. Use the midpoint method to calculate the income elasticity of demand for new outfits.
Nominal GDP is the variable most commonly used to measure short-run economic fluctuations. These fluctuations can be predicted with some accuracy. Real GDP is the variable most commonly used to measure short-run economic fluctuations. It is almost im..
We said that an uncrowned country club golf course has aspects of public good.
Suppose that the demand curve for wheat is Q = 100 − 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3. Describe how the equilibrium changes. What effect does this price ceiling have on consumer surplus, producer su..
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